Chicago, Sept. 5 – ADIB Capital Invest 3 Ltd. (A2//A+) sold $750 million of additional tier 1 capital certificates, according to an offering document.
Abu Dhabi Islamic Bank PJSC is the obligor.
The perpetual certificates come with 5.5 years of call protection.
The certificates pay 7¼% periodic distributions.
The securities priced at par.
The initial rate will reset for the first time on Jan. 18, 2029 at Treasuries plus 305.9 basis points.
The first call date is July 18, 2028. The notes can be redeemed at par from the first call date to the first reset date and then on any periodic distribution date thereafter.
HSBC Bank plc and Standard Chartered Bank were the global coordinators and structurers.
The joint lead managers, including the global coordinators, were Abu Dhabi Islamic Bank PJSC, Citigroup Global Markets Ltd., Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, J.P. Morgan Securities plc and Standard Chartered Bank.
Proceeds will be used to enhance tier 1 capital as well as for general corporate purposes.
ADIB is based in the United Arab Emirates.
| Issuer: | ADIB Capital Invest 3 Ltd.
|
| Obligor: | Abu Dhabi Islamic Bank PJSC
|
| Amount: | $750 million
|
| Issue: | Additional tier 1 capital certificates
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| Maturity: | Perpetual
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| Bookrunners: | HSBC Bank plc, Standard Chartered Bank, Abu Dhabi Islamic Bank PJSC, Citigroup Global Markets Ltd., Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC and J.P. Morgan Securities plc
|
| Counsel to issuer: | Maples and Calder (Dubai) LLP and Linklaters LLP
|
| Counsel to underwriters: | Allen & Overy LLP
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| Coupon: | 7¼% initial rate; resets to Treasuries plus 305.9 bps
|
| Price: | Par
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| Yield: | 7¼%
|
| Call features: | July 18, 2028 to Jan. 18, 2029 at par; on any periodic distribution date thereafter
|
| Trade date: | July 17
|
| Settlement date: | July 18
|
| Distribution: | Regulation S
|
| ISIN: | XS2642454271
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